13 Jul Rajasthan Budget 2024: Key Highlights and Major Announcements by Deputy CM Diya Kumari
The budget introduced new policies and established institutions across various sectors, including finance, youth, agriculture, urban development, tourism, transport, and the tech-driven economy. The Budget aims to fulfill major promises made by the ruling Bharatiya Janata Party.
Key Points from the Press Note:
VAT and Duty Reductions:
- Reduction in VAT rates on petrol, diesel, PNG, CNG, and aviation turbine fuel.
- Abolition of land tax, mandi tax on sugar and jaggery, and electricity duty on auxiliary power for captive plants.
- Reduction of stamp duty for various categories, including family property exchanges and housing for war widows.
Registration & Stamps Department:
- Rationalization and reduction of stamp duty rates on various documents.
- Exemptions on stamp duty for electricity connection agreements, apprenticeship deeds, and certain family settlements.
- Full exemption on registration fees and stamp duty for government or charity-provided houses to war widows' families.
Commercial Taxes Department:
- Introduction of a new investment policy and online portal for RIPS benefits.
- Formulation of a new VAT Act and reduction of VAT rates on PNG, CNG, and aviation turbine fuel.
- Promotion of local goods and services, and an integrated system for online gaming, e-commerce, and OTT services.
Transport Department:
- Creation of an e-Vehicle Promotion Fund and reduction in motor vehicle tax.
- Exemption from the physical presentation of vehicles during ownership transfer and reduction in tax on private service vehicles.
Excise Department:
- Formulation of a new Excise Act to improve revenue collection and curb illicit liquor.
Mining & Petroleum Department:
- Formulation of a new mining policy and reduction in security deposits for small mining leases.
- Facility for installment payments for extended leases and promotion of the private sector in mineral exploration.
- Auctioning of major mineral blocks and establishment of research centers for ceramics and rare earth elements.
Investment Promotion:
- Exemption of NOC for land conversion near RIICO areas and formulation of a private industrial park scheme.
- Introduction of a land aggregation and monetization policy, and deemed conversion for tourism and agro-processing investments.
Amnesty Schemes:
- Energy, transport, colonization, VAT, mining, stamp, and excise amnesty schemes offering exemptions on interest and penalties.
Revenue Department Enhancements:
- Introduction of e-Panjiyan 3.0 for online transactions and automation of legal procedures.
- Restructuring of the commercial taxes department for improved efficiency.
Transport and Mining Department Modernizations:
- Faceless management and e-detection system for the transport department.
- Online processes, GIS-based mining block determination, and RFID & GPS tracking for mineral transportation in the mining department.
For more details, you can access the full Budget Speech, Press Note, Budget Notification, and Finance Bill through the following links:
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